Res 2017-078/approving a Chapter 380 economic development incentive agreement for Urban Mining Company (2)

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attached hereto and incorporated herein for all purposes (the "ETJ Land"). The Parties acknowledge and agree that UMC Development has contracted to acquire the Land and that the Project Site is intended to be located on a portion of the Land. Section 2.06. "Personal Property Taxes" are the City's share of the ad valorem taxes received by the City form the Hays County Tax Assessor -Collector on the value of all materials, supplies, equipment, inventory or other personal property attributable to the Business on the Project Site subject to ad valorem taxes. Section 2.07. "Project" means the operation of the Business on the Project Site and includes, without limitation, the addition of Real Property Improvements (as defined below), Personal Property, and the creation of Jobs. Section 2.08. "Project Site" means a portion of the ETJ Land on which the Company will conduct the Business, which is more particularly described on Exhibit "C" attached hereto and incorporated herein for all purposes. Section 2.09. "Real Property Taxes" are the City's share of the ad valorem taxes received by the City from the Hays County Tax Assessor -Collector on the value of all real property improvements on the Project Site, other than Personal Property, subject to ad valorem tax assessment. Section 2.10. The "Term" of this Agreement shall commence on the Effective Date and continue until December 31St of the tenth calendar year after the calendar year in which annexation of the Project Site occurs (unless terminated sooner as provided in this Agreement), except that (i) the Company's obligation to submit a Compliance Certificate (as defined in Section 4.03(a) hereof) for the last calendar year of the Term as provided under Section 9.01, together with any other information as may requested by the City under Article IX, and the City's obligation, if any, M